1.
General Information
Assisted Lives Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
07584572
. The registered office is 1st Floor, Auburn House, 42 Upper Piccadilly, Bradford, BD1 3NU.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-
the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
-
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
-
the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
Copies of the consolidated financial statements of Assisted Lives Holdings Ltd are available from the registered office of the parent company and from Companies House.
2.3.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
2.4.
Significant judgements and estimations
The key judegements made in the preparation of these financial statements were:
In preparing financial statements, management has to make judgements on how to apply the Company's accounting policies and make estimates about the future. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The key judegements made in the preparation of these financial statements were:
- Useful economic life of leasehold improvements:
The directors have exercised judgement in determining the useful economic life of leasehold improvements. Although a two-year lease was entered into after the reporting date, the directors expect the company to continue occupying the premises beyond the initial lease term and have depreciated the assets over their estimated useful economic lives.
- Capitalisation of property expenditure:
Judgement has been exercised in determining whether expenditure incurred on leased premises should be capitalised as leasehold improvements or recognised as repairs and maintenance.
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.5.
Turnover
Turnover represents the fair value of consideration receivable for the provision of domiciliary care and related support services, net of discounts, rebates, refunds and value added tax where applicable.
The company derives revenue from a range of service lines, including contracts with local authorities, NHS and Trusts, specialist care services and private service users. Revenue is recognised as the related care services are provided, when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, and the stage of completion can be measured reliably, in accordance with Section 23 of FRS 102.
Income relating to services provided but not yet invoiced at the reporting date is recognised as accrued income where recovery is considered probable. Amounts received in advance of providing services are recognised as deferred income and released to turnover as the related services are delivered.
Where contracts are subject to reconciliation, retrospective adjustments or clawback provisions, turnover is recognised only to the extent that it is probable that the company will be entitled to the consideration.
2.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.7.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged to the income statement on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern of the user’s benefit.
2.8.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9.
Financial Instruments
2.9.
Financial Instruments - continued
Financial instruments are classified based on the substance of the contractual arrangement as financial assets, financial liabilities, or equity instruments. An equity instrument is a contract evidencing a residual interest in the company’s net assets. Where shares issued contain a financial liability component, that element is presented as a liability, and related dividends are recognised as interest expense.
Financial assets and liabilities are initially measured at transaction price, including transaction costs, unless classified as at fair value through profit or loss, in which case they are measured at fair value excluding transaction costs. Where the arrangement is a financing transaction, measurement is based on the present value of future payments, discounted at a market rate of interest for a similar instrument.
Assets not measured at fair value are reviewed for indicators of impairment at each balance sheet date. An impairment loss is recognised in profit or loss when there is objective evidence that an asset’s recoverable amount is lower than its carrying value. The recoverable amount is the higher of fair value less costs to sell and value in use.
If indicators suggest a previously recognised impairment loss may have decreased, the asset is reassessed. A reversal is recognised only to the extent that it restores the asset’s carrying amount to the level it would have been at had no impairment loss been recognised.
For financial assets measured at amortised cost, impairment is the difference between the carrying amount and the present value of estimated future cash flows, discounted at the asset’s original effective interest rate. For assets measured at cost less impairment, the impairment is based on the best estimate of the amount recoverable if the asset were sold at the reporting date.
...CONTINUED
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Where there is objective evidence that a previously recognised impairment loss has decreased due to a subsequent event, the impairment loss may be reversed, subject to the same limits as above.
2.10.
Interest Receivable
Interest income is recognised in the income statement using the effective interest method and on the accrual basis.
2.11.
Interest Payable
Interest payable is charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
2.12.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.13.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.14.
Government Grant
Government grants are recognised using the performance model. Grant income is recognised when there is reasonable assurance that the company has complied with the conditions attaching to the grant and that the grant will be received. Where grants are subject to specific performance conditions, income is recognised only when those conditions have been met. Government grants are presented within operating income in the Statement of Comprehensive Income.
2.15.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.16.
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Supported Living & Homecare Services | 16,256,656 | 12,667,459 | |
Analysis of turnover by geographical market is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 16,256,656 | 12,667,459 | ||
4.
Other Operating Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Grant income | - |
|
|
| Other operating income |
|
|
|
| 69,918 | 228,854 | ||
Operating income includes government grant income of £139,459 recognised during the prior year. The grant related to a care contract related subsidy provided by the local authority. No further grant income was received during the current year.
5.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | - | 75,900 | |
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
No comparative audit remuneration is disclosed for the prior year, as the current financial year represents the company's first statutory audit engagement.
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Care & Support Workers |
|
|
|
|
|
|
||
9.
Director's remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
There were no other key management personnel other than the director.
10.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
11.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Finance charges payable under finance leases and hire purchase contracts | 7,059 | 7,329 | |
| Other finance charges |
|
|
|
| 59,037 | 7,329 | ||
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
|
|
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | 3,081,421 | 3,119,592 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Capital allowances |
( |
( |
|||
| Deferred tax from unrecognised tax loss or credit |
|
|
|||
| Total tax charge for the period | 796,709 | 782,813 | |||
|
Deferred tax is provided on timing differences arising between the tax bases of fixed assets and their carrying amounts in the financial statements, including those accelerated by claims for capital allowances.
|
|||||
13.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Leasehold | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
|
( |
|
|
( |
| As at 31 March 2025 |
|
|
|
|
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| Depreciation | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
( |
|
|
( |
| As at 31 March 2025 |
|
|
|
|
|
...CONTINUED
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Net Book Value | |||||
| As at 31 March 2025 |
|
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Motor Vehicles |
|
|
|
14.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
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| Amounts owed by related party |
|
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| Amounts owed by group undertakings |
|
|
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15.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Other creditors | 18,374 | 582,657 | |
| Corporation tax |
|
|
|
| Taxation and social security | 208,467 | 143,845 | |
| Accruals and deferred income | 800,345 | 524,661 | |
|
|
|
||
Amounts owed to group undertakings are unsecured, interest free and have no set terms for repayment.
16.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
17.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
|
|
|
||
The following amounts in respect of hire purchase contracts have been recognised in the income statement:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Interest expense on hire purchase contracts
|
7,059
|
7,329
|
|
|
Depreciation
|
22,679
|
17,600
|
|
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
||
|
30,188
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
24,929
|
19.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the income statement in respect of defined contribution schemes was £57,809 (2024: £62,044).
At the statement of financial position date contributions of £17,310 (2024: £18,330) were due to the fund and are included in creditors.
20.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions between wholly owned members of the same group.
The company has entered into transactions with entities under common control and related parties. These transactions included intercompany loans, leaseholds, management fees and shared services. All transactions were conducted on normal commercial terms. The related party balances are disclosed herein:
Bright Star Children's Services Ltd
Under Common Control
During the year, the company incurred costs on behalf of Bright Star Children’s Services Ltd amounting to £83,828. At 31 March 2025, £83,828 (2024: £Nil) was due from that company.
Vanguard Realty Management Ltd
Under Common Control
During the year, the company occupied premises owned by Vanguard Realty Management Ltd, a related party, under a tenancy at will. No rent was charged during the year. A two-year lease was entered into on 26 May 2025.
Assisted Lives Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
21.
Controlling Parties
The company's immediate and ultimate parent undertaking is Assisted Lives Holdings Limited. Its registered office is
1st Floor, Auburn House, 42 Upper Piccadilly, Bradford, England, BD1 3NU
.
Copies of the group accounts may be obtained from the company's registered office.
Assisted Lives Holdings Limited is owned equally by two shareholders, each holding 50% of the issued share capital and voting rights. Accordingly, there is no individual ultimate controlling party.
22.
Comparative Information
Certain comparative amounts have been reclassified to conform with the presentation adopted in the current year. The principal reclassifications relate to the presentation of staff costs between cost of sales and administrative expenses, and the reclassification of certain current asset balances within the balance sheet. These reclassifications have been made to improve the presentation and comparability of the financial statements and have no effect on the previously reported profit for the year, total assets, net assets or cash flows:
- Support worker staff costs, comprising gross wages, employer's National Insurance contributions, employer pension contributions and travel expenses, totalling £7,053,437, were reclassified from administrative expenses to cost of sales to better reflect the direct costs of service delivery and present the gross margin of the business more accurately.
- Trade and other payables of £95,935 were reclassified between current liability categories to ensure the balances are presented within the appropriate liability classifications in the financial statements.
- Deferred income of £58,372 was reclassified from current assets to current liabilities to ensure the presentation of assets and liabilities in the financial statements more accurately reflects the nature of the balance.